CSI 300 Falls 0.83%
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A-shares remain in a rebound attempt, but the major indexes continued to retreat this week, indicating that a confirmed market reversal signal is still pending. The SSE Index(000001) fell 1.07% for the week, slipping back below its 5-day, 10-day, 20-day, 50-day, and 200-day moving averages, and remaining 8.71% below its 1-year high. However, volume on the final trading day was 5.89% above the 50-day average, suggesting that some turnover persisted during the decline. The CSI 300(000300) fell 0.83% for the week and is now 10.94% below its 1-year high, while continuing to trade below major moving averages, indicating that heavyweight sectors still lack sufficient recovery momentum. Growth indexes showed some divergence: the Shenzhen Index(399001) fell 0.34% for the week, while ChiNext(399006) rose 1.08% against the trend. Even so, they remain 17.73% and 24.16% below their respective 1-year highs, and both are still below their 50-day and 200-day moving averages, suggesting that although growth areas have seen pockets of activity, the medium-term trend has not yet reversed.
Overseas markets also came under pressure this week. As of now, the Nasdaq Composite(0NDQC)is down 1.60% and the S & P 500 Index(0S&P5) is down 1.64%, standing 4.08% and 2.88% below their respective 1-year highs. However, both remain above their 200-day moving averages, indicating that their medium-term trends have not been fully broken. The Hang Seng Index(HSI) fell 3.30% for the week and dropped back below major moving averages, reflecting a clear cooling in Hong Kong market risk appetite. Broad weakness in overseas markets has weighed on A-share sentiment and has made the current rebound attempt more vulnerable to fluctuations in external interest rates and risk assets.
The core divergence in global economic policy is becoming more pronounced: Europe and the U.S. are still grappling with inflation and interest-rate pressure, while China is accelerating the development of its financial system, technology base, and domestic demand framework while stabilizing growth. The European Central Bank raised its deposit facility rate to 2.5% from 2.25%, showing that the eurozone is still maintaining a tough stance on inflation. In the U.S., initial jobless claims for the week ended September 5 came in at 206,000, close to expectations, indicating that the labor market remains resilient and reinforcing market expectations that the Federal Reserve may continue raising rates.
From the perspective of U.S. policy logic, the biggest variable remains the compounded risk of “high interest rates + high debt + high valuations.” The market has recently been broadly pricing in a Fed rate hike next week, while the 10-year U.S. Treasury yield is approaching 5%, reflecting investor concerns over sticky inflation and continued fiscal deficit expansion. U.S. EIA crude oil inventories fell by 391,000 barrels. Although the decline was smaller than expected, it still points to tight energy supply-demand conditions. Combined with sanctions on Iran and geopolitical conflicts, this may continue to push up oil prices and inflation expectations. Against this backdrop, U.S. monetary policy is unlikely to turn dovish in the near term. If rates stay elevated for too long, U.S. equities—especially highly valued technology stocks—could face greater correction pressure, and volatility in global capital markets could intensify.
Europe’s rate hikes carry another implication: developed economies generally still prioritize “controlling inflation,” and are unwilling to ease prematurely even under growth pressure. This is likely to keep the global cost of financing elevated, putting greater pressure on emerging markets in terms of exchange rates, capital flows, and external debt servicing. Recent discussions about “U.S. Treasuries no longer being absolutely safe,” gold flows returning, and global capital reallocation also suggest subtle shifts in the international financial order, raising the importance of RMB internationalization and non-U.S.-dollar asset allocation.
China’s policy orientation places greater emphasis on “stabilizing expectations, strengthening domestic demand, and promoting transformation.” The release of the 15th Five-Year Plan for Building a Financial Power—together with statements from the central bank, the securities regulator, and other authorities—indicates that future financial policy is not only intended to support short-term growth, but also to enhance the ability to serve the real economy, deepen capital market reform, and safeguard financial security. On the fiscal side, RMB 300 billion in special treasury bonds, RMB 800 billion in policy-based financial tools, and capital injections into central financial enterprises are all intended to leverage larger-scale investment and credit expansion, providing medium- to long-term funding support for infrastructure, industrial upgrading, and key sectors.
From the perspective of industrial and livelihood policy, China is simultaneously pushing forward technological breakthroughs and domestic-demand recovery. Beijing has introduced plans centered on artificial intelligence, semiconductors, and commercial aerospace, while the Ministry of Industry and Information Technology has made clear that by 2030 China aims to build a new-generation communications network and promote large-scale applications of autonomous driving. This shows that industrial policy is accelerating the cultivation of new productive forces. At the same time, expanding medical insurance participation, promoting the “60-day payment commitment,” and advancing urban renewal all indicate that policy is also working to improve household security and corporate cash flow, thereby strengthening confidence in consumption and investment.
In terms of sector performance, the market continued its structural rotation this week, but leadership has become increasingly concentrated in telecom and electronics manufacturing supply chains. The latest data show that the top-performing sectors were Telecom-Fiber Optics(G3552IG.CN), up 13.17%; Elec-Contract Mfg(G3664IG.CN), up 6.41%; and Electronic-Parts(G3680IG.CN), up 3.78%. Among them, Telecom-Fiber Optics led by a wide margin, reflecting strong capital interest in communications transmission, optical network infrastructure, and related supply chains, driven by policy catalysts and industry expectations. Combined with the rollout of satellite IoT licenses and continued progress in new infrastructure construction, momentum in communications hardware has clearly improved. Strength in Elec-Contract Mfg suggests that capital is beginning to spread into consumer electronics and supply-chain manufacturing segments, as expectations rise for order recovery, improved capacity utilization, and downstream innovation cycles. Electronic-Parts also advanced, covering 143 stocks, which suggests strong activity and broad capital participation. This indicates that the electronics sector is no longer seeing only isolated thematic spikes, but is instead showing a certain degree of supply-chain-wide recovery. However, with the broader indexes still weak and trading volume not yet expanding comprehensively, these high-beta areas still require close observation in terms of volume sustainability and earnings delivery.
The Top 33 portfolio posted an average decline of 0.92% this week, with 10 stocks up and 23 down. Overall performance remained weak, but it did not materially lose control relative to the indexes, indicating that structural opportunities still exist within the market. The best-performing stock this week was Yangtze Optical Fibre And Cable Joint Stock(601869), which rose 25.13% for the week. The company belongs to the O’Neil industry group Telecom-Fiber Optics(G3552IG.HK), with an industry rank of 28, placing it in a relatively strong zone. At the individual stock level, its RS Rating is as high as 99, its EPS Rating is 96, and its O’Neil Score is 75, showing strong competitiveness in price strength, earnings growth, and overall quality.
The market remains in a rebound attempt, and the indexes have not yet reclaimed key moving averages. Heavyweight sectors remain weak while thematic sectors are active, implying that short-term opportunities are still mainly concentrated in stocks with upward industry trends and strong relative strength. If trading structure improves further and more high-quality names from strong sectors break out on rising volume, the stability of the market rebound could improve accordingly.
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published on September 11, 2026